Institute of Religious Works Director and Deputy Director Resign

IOR President Ernst von Freyburg To Serve as interim General Director

Paolo Cipriani and Masimo Tulli, Director and Deputy Director of the Institute for Religious Works (IOR) respectively, have resigned their positions. The news was announced last night in a communique sent by the Holy See Press Office.

“After many years of service both have decided that this decision would be in the best interest of the Institute and the Holy See,” the communique stated. The Oversight Council along with the Commission of Cardinals that oversee the IOR accepted the resignations and named Ernst von Freyberg as the interim General Director. A Special Commission created by Pope Francis last week to study the workings of the IOR acknowledged the decision.

Up until now, von Freyberg has served as the President of the Institute and will be supported by Rolando Marranci as acting Deputy Director, along with Antonio Montaresi, who will serve in the newly created position of Chief Risk Office. According to the communique, Marranci previously worked as Chief Operating Officer at a major Italian bank while Monateresi worked as a Chief Risk and Chief Compliance Officer at various banks in the US.

In a written statement, von Freyberg thanked both Cipriani and Tull for their service at the IOR. “In the name of the Oversight Council I thank Mr. Cipriani and Mr. Tulli for their personal dedication over the past years,” he stated. ”I welcome Rolando Marranci and Antonio Montaresi as outstanding professionals.”

“Since 2010 the IOR and its management have been working hard to bring structures and processes in line with international standards for anti-money laundering. While we are grateful for what has been achieved, it is clear today that we need new leadership to increase the pace of this transformation process. Our progress is in no small measure due to the continued support from the governing bodies of the Institute and its personnel.”

The Oversight Council has begun the selection process of choosing a new General Director and Deputy Director for the IOR. Under the leadership of von Freyberg, the IOR has been working diligently in assuring compliance with anti-money laundering programs.

Elizabeth McCaul, a former New York Superintendent of Banks was asked by von Freyburg to serve as Senior Advisor to support the management of the IOR. McCaul is “considered a leader in regulatory circles.” Raffaele Cosimo, Chief Operating Officer of Promontory Europe and an expert in bank governance and operations, was also asked to serve as a Senior Advisor.